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Vallourec S.A. in €400 Million High-Yield Offering

April 19, 2018

Cleary Gottlieb represented Vallourec S.A., a world leader in premium tubular solutions primarily serving the energy markets (oil and gas, powergen), in connection with its offering of €400 million 6.375 percent senior notes due 2023.

The offering was made outside of the U.S. and to QIBs in the U.S. in accordance with Regulation S and Rule 144A. The proceeds of the offering will be used primarily to refinance outstanding bonds of Vallourec scheduled to mature in August 2019. This offering follows on the success of Vallourec’s offering of €400 million 6.625 percent senior notes due 2022 in October 2017, in which Cleary also represented Vallourec.

The offering priced on April 12, 2018, and closed on April 19, 2018. The notes were listed on the Official List of the Luxembourg Stock Exchange and traded on the Euro MTF market.

BNP Paribas, J.P. Morgan, Société Générale served as joint global coordinators and joint bookrunners, Natixis served as joint bookrunner and CM-CIC Market Solutions, MUFG, SMBC Nikko, and Santander served as co-managers for the offering.